Raymond James downgraded ConocoPhillips (COP) to Outperform from Strong Buy with a price target of $124, down from $157. ConocoPhillips reported Q4 earnings 8% above Street expectations, with production above the high end of previous guidance, the analyst tells investors in a research note. While ConocoPhillips remains one of the best run E&P companies with an impressive global asset portfolio and the stock still screens attractive from a valuation perspective, the firm is lacking a near-term catalyst and thinks it prudent to downgrade.
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